Summer Games expenditures have averaged $5.2 billion since 1960, and Winter Games costs have averaged $393.1 million. The 2014 Sochi Winter Olympics had the highest recorded overall expenditure, spending around $55 billion.
The cost of holding an Olympic Games increases dramatically with each successive edition. The 1980 Moscow Games cost $11 million; the 2008 Beijing Games cost $40 billion.
An Olympic medal is considered worth up to $150,000. Therefore, holding an Olympic Games is very expensive - especially when you add in the cost of building new facilities and replacing old ones.
Olympic medals are not owned by anyone specifically, they are held in trust by their country until they are awarded to a winner. This means that if someone else wins the gold medal then the original owner will lose out because they can't sell it.
For example, if you were to buy a gold medal on sale at an auction house then you would be buying it from the Russian government who own them until 2024. At that point the medal will be yours to keep unless Russia decides to re-enter the bidding process.
In conclusion, holding an Olympic Games is very expensive but so too are they worth millions of dollars.
Since 1960, the Summer Games have cost an average of US $5.2 billion, while the Winter Games have cost an average of $393.1 million.
| Host City | Pyeongchang Winter Olympics |
|---|---|
| Year | 2018 |
| Total Costs | US$12,900,000,000 |
| Profit/Loss | US$55,000,000 |
According to the report, the Sochi 2014 Winter Olympics were the most costly version of the Games ever, costing an estimated $21.9 billion USD. However, it has remained more expensive for towns to host the Summer Olympics, with an average expenditure of US $6 billion between 1960 and 2016.
The report also notes that the total cost of the Olympics to cities or countries who host them exceeds their revenue from advertising and sponsorship deals as well as ticket sales. The report estimates that nationwide, New York City will receive $18 million in benefits from hosting the 2012 Summer Olympics. This includes $5 million in direct spending by Olympic sponsors and $13 million in increased tourism activity due to the presence of the Olympics.
Olympic games cost anywhere from $15 million to $45 million per year to host. The actual cost varies depending on how much money a city or country decides to spend on them. Some expenses include building new facilities for athletes, spectators, and officials; others include hiring more police officers or repairing existing infrastructure. The total cost to cities or countries who host the Olympics exceeds their revenue from advertising and sponsorship deals as well as ticket sales.
Since 1920, when they were first held in Stockholm, Sweden, the Olympics have been held every four years. However, since 1988, the only summer Olympics held have been in the last decade - in Athens in 2004 and London in 2012.
The 2014 Sochi Winter Olympics had the highest recorded overall cost, spending around US $55 billion... Table.
| Host City | Sochi Winter Olympics |
|---|---|
| Year | 2014 |
| Profit/Loss | US$53,150,000 |
| Notes | The most expensive Olympic Games in history, surpassing the previous record set by the 2008 Beijing Summer Olympic Games. |
The most costly Olympic Games:
The 2012 London Summer Olympics cost about $14 billion.
Both of these years were financial successes for their host cities and countries. London attracted a record number of visitors to the Olympic site, while Moscow saw a rise in popularity following the city's hosting of the world championship sporting events in summer 1980.
In 2008, Beijing spent approximately $40 million on the opening and closing ceremonies alone. The entire budget for the games was $48 billion, making them by far the most expensive sports event in history.
Beijing's Lido Beach was used for several events during the course of the games. It played host to the swimming competitions for both the men and women, as well as the tennis for men and women. The road race also passed through the city area.
Chinese athletes performed well at the games, winning three gold medals. In fact, China ranked first in the number of gold medals awarded. However, political protests held near the time of the games resulted in the detention of several human rights activists who were campaigning against China's policy of forced abortion and sterilization.
The development of venues has been the single most expensive aspect of the Olympics. Eight venues were developed particularly for the Games at a cost of roughly $3 billion. This comprises the 68,000-seat National Stadium, which will be finished in 2019, as well as two 15,000-seat swimming and volleyball courts. The remainder of the costs have been covered by sponsorships and advertising.
The Olympics also generate revenue through television rights fees and sponsorship deals. The 2016 Games will generate $1.5 billion in profits for host city Rio de Janeiro, Brazil. The rest goes to support other aspects of Brazilian sports and society.
The Olympic budget is kept secret but it is estimated to be around $40 million per year.
Venues are built or upgraded for the Olympics and rarely seen afterwards. This is because they are usually destroyed after the event is over. For example, the Sydney Opera House was originally built for the World's Fair in 1980 but now operates as a major concert hall and theater. The same thing can be said about the LA Coliseum and Stade Olympique in Montreal. These facilities were built for the 1976 Olympics but are still used today for other events such as MLS games and WWE wrestling matches.
In conclusion, the Olympics are a huge expense but an investment in our world that lasts forever.
Olympic tickets are often inexpensive, with the lowest fares averaging approximately $44 and some reaching over $60. Premium event seats may cost hundreds of dollars, while opening ceremony tickets start about $220. Travel and food costs add to the price of going to the games.
The biggest expense for most Olympians is not competing in the games themselves but rather traveling to them. The budget for attending the 2012 London Games was $15 million; $7 million went toward accommodation and $8 million toward sports events. In total, these athletes spent around $100,000 each on travel and training.
In addition to the actual expenses involved in competing at an Olympic games, there are other factors that can influence a country's willingness to send its athletes to London. Countries with limited budgets may be forced to prioritize which sports they can afford to compete in. Unfunded sports promise only to benefit the national team as a demonstration of good will and may help secure future funding from host cities or countries.
At the end of the day, going to the Olympics is very expensive and only wealthy nations can afford to do so. It's not surprising then that only two countries have never competed at these games: England and China.
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